The Maharashtra government has approved a massive financial assistance package worth Rs 1768.08 crore for the police housing advance scheme. The decision was taken through a government resolution (GR) issued by the Home Department to facilitate house-building and repairing loans for police personnel through the Maharashtra State Police Housing and Welfare Corporation.

What is PEMI?

According to the GR, the loan amount will be raised from Maharashtra State Co-operative Bank Ltd under the Principal Equated Monthly Instalment (PEMI) system at an interest rate of 7.85 per cent. So far, the state has approved financial assistance for a total of 9781 police personnel under this scheme who applied for the PEMI loan.